Canadian miner Eldorado Gold confirmed on February 2 that it has reached an agreement to acquire Foran Mining, in a deal that the two said will create strong copper growth in the near-term as well as significant cash flow generation, long‑life assets, and a diversified portfolio.
The transaction, valued at $3.8 billion, is of benefit to Eldorado with current robust metal prices and rising demand for critical minerals. The deal also brings together two high-quality, fully financed development assets, Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada, which are both on schedule to achieve commercial production in mid-2026.
Eldorado officials said the company will continue to accelerate high‑value organic growth opportunities, including Foran’s high‑grade polymetallic Tesla zone alongside its existing operating and development assets.
CEO George Burns said that, with Skouries and McIlvenna Bay scheduled to come online this year, the combined business is positioned for a step-change in production, cash flow, and global relevance.
“Increasing our exposure to Canada, through an asset in Saskatchewan, consistently recognized as one of the world’s most attractive mining jurisdictions, strengthens our portfolio. We’re excited about the opportunity to contribute to the province’s continued success. Strong cultural and sustainability alignment, together with operations in Canada, Greece, and Türkiye create a stronger, more resilient platform for decades to come,” he added.
The combined business will remain headquartered in Vancouver, British Columbia, under the Eldorado Gold name.
The transaction is expected to close in Q2 2026 pending shareholder approvals. Both companies’ boards of directors have already unanimously approved the deal.
Source: Eldorado Gold